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Vodafone accepts tenders for 1.49 billion of 1%, 0.875%, 1.25% notes
By Sarah Lizee
Olympia, Wash., May 30 Vodafone Group plc announced the final results of its tender offers for its 1,622,100,000 of outstanding 1% notes due Sept. 11, 2020, 697,587,000 of outstanding 0.875% notes due Nov. 17, 2020 and 1.25 billion of outstanding 1.25% notes due Aug. 25, 2021.
The aggregate maximum purchase price for the offers was set at 1,499,998,415.98, according to Thursdays update.
The company said it will accept the following validly tendered notes for purchase:
706.34 million of 1% notes for a purchase price of 1,012.92 per 1,000 note;
266,325,000 of 0.875% notes for a purchase price of 1,015.80 per 1,000 note; and
513,005,000 of 1.25% notes for a purchase price of 1,031.38 per 1,000 note.
The 1.25% notes are subject to a proration factor of 95.7745%.
The tender offers ended at 11 a.m. ET on May 29.
The purchase prices were determined by reference to a purchase yield of negative 0.25% for the 1% notes, negative 0.2% for the 0.875% notes and negative 0.15% for the 1.25% notes. Holders will also receive accrued interest.
In accordance with market convention, the purchase price for the 1% notes was calculated with reference to the notes first call date, June 11, 2020. The purchase prices for the other two series of notes were calculated with reference to their respective maturity dates.
Settlement will occur on May 31.
Tender instructions had to be submitted for a minimum of 100,000 principal amount of notes.
The offers were conditioned on the successful completion of a new issue of euro-denominated fixed-rate notes. The company said Thursday that the condition was satisfied.
The company said the purpose of the offers and the proposed issue of the new notes is to extend its debt maturity profile in an efficient manner.
Subsidiaries of Vodafone hold 127.9 million of the 1% notes and 52,413,000 of the 0.875% notes. The company currently intends to cancel these notes on or around the settlement date.
The dealer managers are ING Bank NV (+44 20 7767 6784, +31 20 5632132 or liability.management@ing.com), Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com), NatWest Markets plc (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com) and Societe Generale (liability.management@sgcib.com).
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or vodafone@lucid-is.com).
Vodafone is a telecommunications company based in London.
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